2023: A Pioneering Year for Technology

2023: A Pioneering Year for Technology

2023 was the year the industry started looking forward to the future rather than focusing on post pandemic problems such as inflation, employment gaps and supply chain disruption. In 2022 only 10% of businesses had buy-in from leadership for emerging tech. In 2023 that skyrocketed to 38%!

Businesses leant into AI and Automation

With the rise and commoditisation of AI, the C suite now understand the power and value of innovations in AI and automation. By the end of 2024, 88% of companies are expected to allocate capital to AI capabilities.

In 2023 LLMs (Large language models) and Generative AI began to empower the next level of agent and customer copilots, reinventing how work was done and dramatically increasing productivity. Examples of this include Lokulus AI and Microsoft Bing, a copilot for the web.

Of course, the key here is to understand which business workflows should be automated and supported using AI, to return the value to your organisation and customers.

In 2023 (and 2024) the following areas have received attention:

• Knowledge
• IDP (intelligent document processing) in industries such as travel, banking, healthcare, insurance and legal.
• Communications Mining
• Process and Task Mining

Leaders recognise the value of AI but it doesn’t come without some potential risks. In 2023, predominantly risk-accepting businesses focused in these areas. However, the industry has started to focus on AI governance to support the more risk averse businesses and industries. Questions such as “where is the data?”, “how is the data processed?”, “how are exceptions flagged?”, “how does human involvement help?” are vital.

ESG

Sustainability and humanity's response to climate change is one of the greatest challenges of our lifetime.

In 2022, ESG was identified as the least prioritised aspect of digital transformation. Nevertheless, the ESG Key Performance Group (KPG) reported in 2023 that 48% of surveyed organisations indicated that ESG priorities would serve as a central focus for innovation within their technology functions.

This means that working with partners with strong ESG commitments can be impactful on your own ESG priorities via supply chain sustainability. For example, Lokulus work with Microsoft Azure, a company that has maintained carbon neutrality since 2012. In 2023, we initiated efforts to achieve a 20% reduction in resources consumed by our technology platforms.

2024 for businesses

AI, Automation and ESG will continue to be a major focus of 2024. We also expect renewed emphasis on cyber resilience, addressing the escalating costs and risks of cyber threats through proactive measures and integrated strategies.

2024 for tech

Away from direct business applications, 2024 promises some exciting innovations in tech:

Quantum Computing Becoming Practical

In 2024, quantum computing is transitioning from theoretical to practical applications, accelerating complex problem-solving across various industries.

Nuclear Fusion

Advancements in nuclear fusion technologies are on the horizon, promising breakthroughs in clean and abundant energy sources for a sustainable future. Whilst 2024 will not see commercial power plants, we expect to see exciting innovations leading to this aspiration.

Healthcare Neuralink received FDA approval in 2023 and in 2024 aim to revolutionise healthcare by restoring critical physical capabilities through brain-computer interfaces, including vision, motor function, and speech. We can also expect significant technological strides in AI-driven synthetic data, personalised treatments, and the rise of online health advisors supported by LLM copilots . 

Drones Disrupting IndustriesDrones are reshaping industries, with applications ranging from rapid roof damage assessments and crop health monitoring to providing 3D aerial views for real estate and assisting in engineering projects. 

We have created a platform that can revolutionise customer-driven work, now and into the future. It’s been evolving over the past 20 years in direct response to our clients needs and we will continue for at least 20 more!

You’re not just investing in your business - you’re investing in a partner dedicated to your success. And we’ll be here for the long-term to ensure your platform evolves, develops and grows as your organisation does.

For more information on how Lokulus can help your business in 2024 and beyond, download our brochure, or contact us to speak to one of our experts.